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The documentation requirements don't change from LO to LO, though. I think bizcuit was talking about how it's not really that difficult to get documentation online. In particular, bank statements, pay stubs, mortgage statements - that type of thing is usually easy to download, but sometimes it's like pulling teeth to get it.
and yes, i need ALL PAGES of the statement. even if p3 of 3 states "intentionally left blank"
the photo you sent of the first page only, with half the address cut off, will not suffice
and for heavens sake, don't lease a new car a week after application!
The all pages thing is so hard to get across to some people. If it says "Page 1 of 5," we need all 5 pages, or underwriting is going to think there was something sketchy on page 5 that we're deliberately leaving out.
Ugh - the last-minute liabilities and job changes! I had a loan once where a guy mouthed off to his boss and quit, which we didn't find out until we did the verbal verification a couple days before closing. He thought it wouldn't be a big deal because he went and got another job a few days later. Well, buddy, when you get paid a lot less at this new job, you no longer qualify for the loan. Your "take this job and shove it" attitude just lost you a house.
I'm going through this process now. The only thing I hate is when you're buying a new construction house and the home won't close for another 6 months, and the potential lender is asking for EVERYTHING that you have at this point in time knowing that your finances and whatnot will change dramatically over the next 6 months. (aka, Salary change, potential job switch, having to make last minute big purchases in case something medically comes up, etc). I had one lender get angry at me for simply paying for spending 2K to paint my current house that I'm selling or getting upset if I ask a question about seeing if I can buy a slightly bigger house and that I should have "gone through them first"....like wtf, I never officially even closed with you yet!
I think to a point, yes, you should be timely. But if you are closing months away, it just becomes harassment at that point to have some a-hole lender bugging you to death.
To whomever said a mortgage is a privilege not a right, I agree. But it's also my right to take my business to another lender if you're going to be a complete a-hole about everything and ask for new documentation for every single thing every 2 weeks. Some of these lenders need to get off their high-horse.
I'm going through this process now. The only thing I hate is when you're buying a new construction house and the home won't close for another 6 months, and the potential lender is asking for EVERYTHING that you have at this point in time knowing that your finances and whatnot will change dramatically over the next 6 months they better not if you want the house. You MUST meet requirements at the beginning of the process, and at the end. Your cavalier attitude is the source of your disdain. . (aka, Salary change, potential job switch, having to make last minute big purchases in case something medically comes up every one of these items is a potential deal-killer., etc). I had one lender get angry at me for simply paying for spending 2K to paint my current house that I'm selling because you didn't listen and it negatively impacted your debt ratio. They were correct and you were wrong. or getting upset if I ask a question about seeing if I can buy a slightly bigger house and that I should have "gone through them first"....like wtf, I never officially even closed with you yet!
I think to a point, yes, you should be timely. But if you are closing months away, it just becomes harassment at that point to have some a-hole lender bugging you to death.
To whomever said a mortgage is a privilege not a right, I agree. But it's also my right to take my business to another lender if you're going to be a complete a-hole about everything and ask for new documentation for every single thing every 2 weeks. Some of these lenders need to get off their high-horse.
Protecting your Earnest money and your viability for purchase by ensuring that you meet lending guidelines is being on a "high-horse?" Grow up.
Protecting your Earnest money and your viability for purchase by ensuring that you meet lending guidelines is being on a "high-horse?" Grow up.
As someone who works at one of the major mortgage giants, I'm aware of what it takes to buy a house... Your post trying to "educate" me makes me lol because I never indicated that I didn't know that. But thanks for trying. You want a cookie?
Like I said if a bank harasses me, I'll take my mortgage elsewhere to be serviced with a bank that gives me the best rates that doesn't harass me. I'm talking to 3 lenders now. 2 of the 3 don't constantly bother me because....they respect me enough to know what I'm doing and what needs to be done from now until my new home. I can ask them a question and don't have to be bothered by weeks end because I have a question.
Grow up? Like i said, gladly! I'll take my grown up cash elsewhere to a servicer who respects me and my time and respects my knowledge of the process. It's funny how people like you will gladly let a bank sh@t in your face and people like you will gladly be okay with it.
As someone who works at one of the major mortgage giants, I'm aware of what it takes to buy a house... Your post trying to "educate" me makes me lol because I never indicated that I didn't know that. But thanks for trying. You want a cookie? It might be early, but to be honest, I could use an Edible, actually.
Like I said if a bank harasses me, I'll take my mortgage elsewhere to be serviced with a bank that gives me the best rates that doesn't harass me. I'm talking to 3 lenders now. 2 of the 3 don't constantly bother me because....they respect me enough to know what I'm doing and what needs to be done from now until my new home. I can ask them a question and don't have to be bothered by weeks end because I have a question.
Grow up? Like i said, gladly! I'll take my grown up cash elsewhere to a servicer who respects me and my time and respects my knowledge of the process. It's funny how people like you will gladly let a bank sh@t in your face and people like you will gladly be okay with it. So then right now, you're doing, like "Three Banks/One Cup?" I can see how you might be a little edgy. Hope it all works out for you!
My last re-fi place had an online portal. I uploaded my docs and there was a checklist so I could easily see if I needed to send anything else. It was a really great process.
As someone who works at one of the major mortgage giants, I'm aware of what it takes to buy a house... Your post trying to "educate" me makes me lol because I never indicated that I didn't know that. But thanks for trying. You want a cookie?
Like I said if a bank harasses me, I'll take my mortgage elsewhere to be serviced with a bank that gives me the best rates that doesn't harass me. I'm talking to 3 lenders now. 2 of the 3 don't constantly bother me because....they respect me enough to know what I'm doing and what needs to be done from now until my new home. I can ask them a question and don't have to be bothered by weeks end because I have a question.
Grow up? Like i said, gladly! I'll take my grown up cash elsewhere to a servicer who respects me and my time and respects my knowledge of the process. It's funny how people like you will gladly let a bank sh@t in your face and people like you will gladly be okay with it.
I can't believe you work for a "major mortgage giant", yet don't understand that at least 2 of the 3 lenders who are working for you won't get paid anything. I also can't believe you work for a "major mortgage giant" and don't know the difference between an originator and a servicer.
I'm going through this process now. The only thing I hate is when you're buying a new construction house and the home won't close for another 6 months, and the potential lender is asking for EVERYTHING that you have at this point in time knowing that your finances and whatnot will change dramatically over the next 6 months. (aka, Salary change, potential job switch, having to make last minute big purchases in case something medically comes up, etc). I had one lender get angry at me for simply paying for spending 2K to paint my current house that I'm selling or getting upset if I ask a question about seeing if I can buy a slightly bigger house and that I should have "gone through them first"....like wtf, I never officially even closed with you yet!
I think to a point, yes, you should be timely. But if you are closing months away, it just becomes harassment at that point to have some a-hole lender bugging you to death.
To whomever said a mortgage is a privilege not a right, I agree. But it's also my right to take my business to another lender if you're going to be a complete a-hole about everything and ask for new documentation for every single thing every 2 weeks. Some of these lenders need to get off their high-horse.
The bold above speaks to risk exposure. No, lenders are not expecting your finances to change drastically over six months. That means you are financially unstable and may be a poor candidate for a mortgage.
I thought it was common knowledge to get your ducks in a row before you apply for a mortgage AND then, don't make any financial changes until the mortgage is completely closed.
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or getting upset if I ask a question about seeing if I can buy a slightly bigger house and that I should have "gone through them first"....like wtf, I never officially even closed with you yet! 
. Cheers!
